The Chief Executive Officer of the Nigerian Stock Exchange, Oscar
Onyema, said on Tuesday that the new Nasdaq OMX trading platform would
revolutionise the nation’s capital market.
Oscar said this at a technology expo tagged :X-Gen Expo” organised by
the Exchange in Lagos.
He said that the new trading platform would be the fastest in Africa
and would aid the development of the country’s capital market.
He said the new trading technology was highly sought after by foreign
investors in Africa.
Onyema said that migration to the new trading platform would begin
during the third quarter of 2013, adding that up loading of the
trading platform would be done in two phases to ensure seamless
migration.
He said: “The first phase will be on equities, bonds and Exchange
Traded Funds, while the second phase will be on derivatives, futures
and options.
“This 21st Century technology in Africa will ensure online real time
trading and increase market efficiency.”
Onyema urged the market’s stakeholders to take advantage of the new
trading platform.
Ade Bajomo, NSE’s Executive Director, Market Operations, said the
proposed $1 trillion (N155 trillion) market capitalisation by 2016
could be achieved with a robust trading technology in place.
Bajomo said that the Nasdaq OMX platform would enhance market
liquidity, investment diversification, and enhance introduction of new
products.
He said the platform would allow the bourse to trade on options and
futures to deepen the market.
Bajomo said the platform was necessary considering that e-trading was
the trend globally.
He said: “The NSE will not want to be left out.
“The new technology is about changing experience of doing business in
our market.”
Bajomo said the platform would offer investors and participants the
flexibility to do business from anywhere, as well increase investor
confidence.
He said that fund managers under the new platform could connect to
their broker dealer from anywhere.
The executive director said the testing of the platform would be
concluded this week, adding that the market operators would undergo
five weeks training to ensure seamless migration.
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